Also heading to L.A. are a future first-round draft pick as well as a second- round choice in 2015, while the rights to forward/center Sergei Lishchuk were sent to Houston.

"This trade allows us to acquire a solid player who will make us a better team, as well as draft picks to improve our team in the future, while at the same time allowing us to maintain financial flexibility," said Lakers GM Mitch Kupchak. "In addition to what he'll bring us on the court, we think Jeremy will be warmly embraced by our fans and our community."

Lin, 25, averaged 12.5 points, 4.1 assists and 2.6 rebounds per contest over 71 games for the Rockets in 2013-14. They signed him in 2012 on the heels of the "Linsanity" phenomenon in New York, when Lin became a brief and surprising star for the Knicks before suffering a meniscus tear in his knee.

Over his four-year career, the Harvard product has averaged 11.9 points, 4.8 assists and 2.6 boards per game over 217 appearances with Golden State, the Knicks and Houston.

Lishchuk was selected by Memphis in the 2004 draft and was traded to the Rockets in February of 2008 before landing with the Lakers as part of a three- way trade with the Nets in December 2010. He played for Valencia of the Spanish ACB League last season.

The Rockets made the deal to clear salary-cap space so they could sign free- agent big man Chris Bosh, according to Yahoo Sports earlier in the weekend.

But Bosh ended up re-signing with the Miami Heat on a maximum deal, according to multiple reports that surfaced just hours after LeBron James announced he was leaving Miami to play for the Cleveland Cavaliers again.